Decorate the sheet of tracing paper - cut up tissue, color with markers, glitter (make sure you smear it thin), etc. Edge the paper with popsicle sticks or ribbon. Add ribbon or yarn to hang, if desired. Note - use tacky glue to attach the edging and hanging string, but glue sticks to decorate the paper.

 

I also did something similar as a sort of amended Iris folding. I made cut-outs with my die-cutting machine (kids got to pick the shape) then they did sort of Iris folding taping small pieces of tissue paper across the opening. Then we also did it with foil. Very cool.